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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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FREE-RIDER PROBLEM A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a flea market looking to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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